Understanding Foreclosure Statutes of Limitations
Foreclosure statutes of limitations are a set of regulations that determine the amount of time creditors have to collect debt from borrowers who have defaulted on their mortgage payments. Understanding these statutes is an important part of managing finances for borrowers and lenders alike. This article will explain what foreclosure statutes of Limitations are and how they affect borrowers in different states.
Foreclosure statutes are laws that restrict the amount of time a lender can initiate legal proceedings to recover debts from delinquent borrowers. These laws vary by state, but generally require that lenders file a lawsuit within a certain period after the borrower has missed his or her payment deadline. If the statute has expired, it may be difficult or impossible for the lender to pursue collection activity, which can put both parties at risk.
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